Harbor Group buys $1.8B multifamily portfolio

Jordan Slone’s Harbor Group International acquired a 9,677-unit rental portfolio from Lone Star Funds for $1.8 billion, The Real Deal has learned. The purchase was financed with acquisitions loans from New York Community Bank ($512 million) and Berkadia Commercial Mortgage ($1.4 million). The latter loan was provided with Freddie Mac backing. The portfolio includes rental[…]

Predatory investors beware: City is watching rent-regulation properties

The City Council on Thursday unanimously voted on the “Predatory Equity Bill,” which will create a watch list of rent-regulated buildings where tenants are potentially vulnerable to investors who may want to kick them out. The legislation requires the Department of Housing Preservation and Development to compile a “Speculation Watch List” of rent-regulated properties with[…]

City Council approves East Harlem rezoning

The City Council on Thursday approved the rezoning of East Harlem, the third neighborhood to be rezoned under the mandatory inclusionary housing program. The 96-block rezoning is expected to create 1,288 affordable housing units on private sites. Under MIH, the city estimates that at least 20 to 25 percent of all new residential units in[…]

This month in real estate history: World War II price control program kicks off rent control in NYC, real estate owners try to block construction of the World Trade Center … & more

1911: Landowners demand lower taxes if new subway tunnel isn’t opened A group of landowners in Queens demanded that the city either reduce their property taxes or open an unused trolley tunnel near their land so they could reap the economic benefits, the New York Times reported 106 years ago this month. Five years earlier,[…]

Penthouse at LeFrak’s Ellipse becomes Jersey City’s priciest rental listing

The most expensive rental listing in Jersey City’s history just hit the market at $10,995 a month, The Real Deal has learned. The unit is the largest of five penthouses at the Ellipse, LeFrak Organization’s 41-story elliptical tower in the the Newport neighborhood. The full-floor apartment spans 2,300 square feet and comes with four bedrooms,[…]

Manafort to put up Manhattan condo, Hamptons home to make bail

Paul Manafort and Special Counsel Robert Mueller have struck a deal for Manafort’s bail that would see President Trump’s former campaign manager put two of his New York properties up as collateral, according to court documents filed by Manafort’s attorneys Thursday. Mueller’s prosecutorial team previously asked that Manafort’s bail be set at $10 million to[…]